The Premier League have released an official statement confirming that the takeover has been completed, Newcastle United Football Club and St James Holdings limited have settled the dispute over the takeover of the club by the consortium of PIF, PCP Capital Partners and RB Sports and Media. The director Amanda Staveley on Thursday noted that the club’s new Saudi-led ownership aims to win the Premier League within 10 years.

A consortium headed by Saudi Arabia’s Public Investment Fund passed the Premier League’s owners’ and director’ test to become the club’s new proprietors alongside Staveley’s investment firm PCP Capital Partners and RB Sports and Media. The move ended the trophy less 14-year ownership of the club by billionaire retail tycoon, Mike Ashley, who is disliked by Newcastle supporters.

When asked about her vision for Newcastle over the next five to ten years, Staveley told Sky Sports that Newcastle United deserves to be top of the Premier League. She added that it will take time, but they will get there. “We want to be great custodians of this club, what we don’t want to be in danger of is over-promising,” said Staveley.

The transformation of Manchester City since a 2008 takeover from Sheikh Mansour, a member of the Abu Dhabi royal family, is the template for Newcastle to follow. Prior to Abu Dhabi’s investment, City had not won a major trophy since 1976 but the English champions have now won five of the 10 Premier League titles.